Hyundai Steel's Q3 net profit rises despite lower sales

South Korea's Hyundai Steel Co. reported consolidated net profit of KRW 84 bln (USD 63 mln) in the third quarter of 2026, up from KRW 18 bln a year earlier and KRW 12 bln in the previous quarter.

Operating profit reached KRW 87 bln (USD 65.3 mln), down 6.5pct YoY from KRW 93 bln, but up from KRW 58 bln in the second quarter. Revenue increased by 2.8pct YoY to KRW 5.897 trillion (USD 4.42 bln) from KRW 5.734 trillion, although it declined by 3.4pct QoQ from KRW 6.107 trillion.

On a non-consolidated basis, steel sales volume totalled 3.925 mln tons, down from 4.346 mln tons in the same period last year and 4.421 mln tons in the previous quarter.

Looking ahead, Hyundai Steel expects subdued demand to keep pressure on steel prices. The company noted that blast furnace raw material prices have weakened due to slowing demand and high inventories, while scrap prices have come under pressure from weaker downstream demand.

The company is expanding its US EAF-based steelmaking project and strengthening its product portfolio, including automotive steel and H-beams, to support growth in higher-value markets.

Hyundai Steel, a subsidiary of Hyundai Motor Group, is one of South Korea's largest steel producers, manufacturing a wide range of flat and long steel products for the automotive, construction, shipbuilding and machinery sectors.

1 USD / 1,333 KRW